Copper and other base metals retreated ahead of China's weeklong National Day holiday as traders assessed demand outlook following slower industrial profit growth. Earnings at industrial enterprises rose just 4.2% in August year-over-year, down from 11% in July, marking the weakest growth since November's decline, according to China's statistics bureau. The holiday runs from Oct. 1-7.

Benchmark copper futures slipped as much as 1.3% on the London Metal Exchange after a second weekly advance. Copper has rallied this year on bets the Trump administration will impose tariffs on refined metal, spurring U.S. imports and squeezing markets elsewhere. While Chinese supply tightness has kept copper near record levels, traders monitor macro drivers: consumption and investment have softened, business confidence is sluggish, and fiscal spending remains restrained.

In the U.S., investors expect a Federal Reserve rate hike in October, typically dampening industrial commodity demand. Copper dropped 1% to $14,478 a ton on the LME as of 11:01 a.m. Singapore time, while zinc fell 0.9% and aluminum declined 0.7%.